Question

Basic principles of audit issued by the Institute of Chartered Accountants of Indian are applicable to ____________.

• A. sole trader and partnership firm
• B. joint stock companies
• C. only to those organizations as may be notified by the Government from time to time
• D. to all kinds of audit

Answer 1

Answer: (D)

to all kinds of audit

Basic principles of audit issued by ICAI are applicable to all types of concerns on whom auditing is conducted.

Also basic principles of audit issued by ICAI are applicable to all types audit conducted by an auditor, for e.g. internal audit, tax audit, statutory audit, stock audit, etc.